Paul Crichton
If there are any clear themes emerging from the year, it is the importance of the political situation for the economy.
If there are any clear themes emerging from the year, it is the importance of the political situation for the economy. Brexit, the US mid-term elections, China – what the politicians have to say is affecting the Euro in your pocket, pension pot and investment portfolio. With such uncertainty with the UK’s exit deal, January is probably the deadline for an agreement to meet the March 2019 deadline, assuming a deal is reached. Time is running out for all concerned.
For the Irish economy, the war of words means uncertainty. Investors dislike uncertainty, so the lack of political consensus is keeping investors from putting money into an otherwise healthy economy.
The government is preparing its contingency plans on the areas where they have direct responsibility and on measures that need to be taken on an East-West basis, such as customs and veterinary controls on ports and airports. This includes a “no return” policy of a border on the island of Ireland.
What should your business be doing to prepare for the different scenarios for 2019?
A risk management plan and a business impact analysis are now essential for business continuity.
By understanding potential risks to your business and finding ways to minimise their impacts, you will help your business recover quickly if an unwelcome Brexit occurs.
Your risk management plan should detail your strategy for dealing with risks specific to your business. It’s important to allocate some time, budget and resources for preparing a plan.
Ask “what if” questions and “Brainstorm” with employees, your financial adviser and most importantly your accountant to get different perspectives on the risks you may face.
Once you’ve identified risks relating to your business, you’ll need to analyse their likelihood and consequences and then come up with options for managing them. Talk to us about helping you come up with solutions and performing “What if” analysis on your business. We have the experience and tools to help you.
Be positive! 2019 can be the best ever year for your business! Talk to us!